Insurance Policyholder Taxation Manual

Outline of the chargeable events regime: focus on the policy, calculate the gain and attribute it

The computational provisions focus on the policy and its history, including, in thecase of a policy acquired by assignment, factors arising from partial surrenders orassignments that took place during the pre-acquisition period. In general, each policy isconsidered separately under the chargeable events regime, even if it is sold as part of apackage or cluster. It is only when gains are attributed to persons for taxation purposesthat they are, where appropriate, brought together. The only exception is relatedpolicies, where one policy is replaced by another, for example on the exercise of amaturity option. More about related policies at IPTM3525.

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